Oil price to hit $75pb main culprit is U.S. admin

Oil price to hit $75pb main culprit is U.S. admin

Then at the end of the session, as oil prices were settling, Trump again tweeted - repeating his claim that he "spoke to Saudi Arabia and others about increase oil flow".

A senior US administration official had said on Monday that US President Donald Trump was confident Saudi Arabia and the UAE would fill any gap left in the oil market.

Hosseini predicted that the USA will be harmed by "evil" strategies that is has adopted against Iran. However, the sanction was waived for select countries.

Earlier this week, prices for WTI and Brent crude had hit their highest settlements in almost six months off the back of Trump's decision to end the exemptions 8 countries (led by China, India, Japan, and South Korea) have from Iranian oil sanctions imposed by the US.

Trump also said that he "called OPEC" and asked them to lower prices, which is also weighing.


There had been expectations that the Trump administration would extend waivers to at least three of the eight countries on its SRE list to avoid chaos in the oil market and to not further strain relations with key geopolitical players, such as Beijing and Ankara.

"If we had dealt with a total embargo, Iran would have already sent Islamic Revolutionary Guard Corps and block the Strait of Hormuz, outraging the entire Arabian Peninsula, and Saudi Arabia and Qatar in particular", Blinov said. In FY19, excluding March, India imported 24 million tonne (MT) of crude from Iran, making the West Asian nation our third-largest supplier of crude oil during the period under review.

"Netanyahu said Monday the movement" is of great importance for increasing pressure on the Iranian terrorist program".

In Europe, pump prices have also risen sharply recently.

"This decision is meant to bring Iran's oil exports to zero, denying the regime its principal source of revenue", the statement from White House press secretary Sarah Sanders read. US Special Representative for Iran Brian Hooks said that "because [in] 2019 we forecast more supply than demand, there are better market conditions for us to accelerate our path to zero [Iranian imports]".


With the approaching summer season and the month of Ramadan due in ten days' time, Saudi oil consumption is reaching more than 4.6 million barrels of equivalent oil or about 2.6 million of crude and petroleum products.

A gas flare on an oil production platform in the Soroush oil fields is seen alongside an Iranian flag in the Persian Gulf, Iran, July 25, 2005.

One question that is yet to be answered is - Why doesn't U.S. use its strategic oil reserve of 700,000 million barrels to cool down the oil prices instead of pushing and pressing OPEC-plus for more oils?!

"I can't imagine how the world energy market will react" after the waivers end in May, Putin said.


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